"IAS 8, "Accounting Policies, Changes in Accounting Estimates and Errors," "

1. Selection and Application of Accounting Policies: Accounting policies are the specific principles, bases, conventions, rules, and practices applied by an entity in preparing and presenting financial statements. IAS 8 requires that an entity shall select and apply its accounting policies consistently for similar transactions, other events, and conditions, unless a Standard or an Interpretation specifically requires or permits categorization of items for which different policies may be appropriate. When a Standard or an Interpretation applies to a transaction, other event or condition, the accounting policy or policies applied to that item shall be determined by applying the Standard or Interpretation.

2. Changes in Accounting Policies: IAS 8 states that an entity shall change an accounting policy only if the change is required by an IFRS or results in the financial statements providing reliable and more relevant information about the effects of transactions, other events or conditions on the entity's financial position, financial performance, or cash flows. If a change in accounting policy is required by an IFRS, the change is accounted for as required by that IFRS.

3. Changes in Accounting Estimates: An accounting estimate is an approximation of the amount of an item in the absence of a precise means of measurement. Changes in accounting estimates are necessary when it is recognized that the current estimate is no longer valid due to changes in circumstances on which the estimate was based, or as a result of new information, more experience, or subsequent developments. Changes in accounting estimates are recognized prospectively by including them in the profit or loss for the period of the change, if the change affects that period only, or in the profit or loss for the period of the change and future periods, if the change affects both.

4. Correction of Errors: Errors can arise from mistakes, oversights, or misinterpretation of facts, and they can be found in financial statements of prior periods. According to IAS 8, errors should be corrected retrospectively in the first set of financial statements authorized for issue after their discovery by restating the comparative amounts for the prior period(s) presented in which the error occurred or, if the error occurred before the earliest prior period presented, by restating the opening balances of assets, liabilities, and equity for the earliest prior period presented.

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